"He has promised to convert all of his loan into shares. If he does, it effectively means the club become debt free.

"If he doesn't, it remains in the same position financially. The debt has gone up but then nothing has worsened, it is money owed to the owner.

"But if he pulls the rug, they're knackered."

'Winning promotion'

Mr Morgan said he expected the club to make a profit of £20m-£30m from its first season in the Premier League, with most of the coming from television rights.

In his statement on the accounts, dated 18 December 2013, Mr Lim said: "Our aim has always been to see the football club playing in the Barclays Premier League and in winning promotion last year from the NPower Championship as champions our plans and investments have been vindicated.

"Promotion to the Barclays Premier League has been a great achievement for our football club, our Malaysian owner Tan Sri Vincent Tan and the many thousands of the football club's supporters."

Mr Lim said investment from the club's Malaysian owners since 2010 had helped resolve many of the club's historic financial issues and put in place "robust management procedures."

He also said the club believed investment in players of £35m was enough to make Cardiff City "a stable and competitive" team in the Premier League.